BITS, the technology policy division of FSR, addresses emerging technology and operational opportunities for the financial services industry. It has the expertise to help FSR’s members manage risk particularly in cybersecurity, fraud reduction, vendor management and critical infrastructure protection. BITS helps shape public policy coming out of Washington and helps companies understand and stay ahead of the latest public policy issues. Because of its diverse membership, it facilitates collaboration to improve the e-commerce environment for member companies in ways that nobody else can.

The February CTO Corner discusses the value and importance of having a robust cyber insurance market place, the factors contributing to this increase in the use of cyber insurance, factors inhibiting the growth of the cyber insurance marketplace, and the impact of recent technology trends.

The BITS CTO Corner for January explores the potential impact of drones on financial institutions, including whether and how they may be applied, and the challenges they present with respect to resiliency, security, privacy, and regulatory compliance.

This article identifies four forces facing financial institutions -- economic, technology, terrorism/cybersecurity, and the environment. It discusses the trends these forces are driving along with concluding thoughts for business leaders.

In May 2013, Dan Schutzer's CTO Corner reviewed Bitcoin and how it works as well as factors that are both driving and inhibiting its acceptance in the marketplace. This article updates his assessment based on events that have occurred during the 18 months.

The “sharing economy” is gaining mindshare and attention as evidenced by the rapid growth and billion dollar valuations of companies such as Uber1 and Airbnb2. This article discusses what is meant by the sharing economy, the factors contributing to its emergence and growth, how it is starting to disrupt a number of mainstream industries, the various issues, concerns, and challenges it poses, and how it may impact the financial sector.

BITS, the technology policy division of The Financial Services Roundtable, responded to the questions posed by the Federal Reserve Banks in the “Payments System Improvement-Public Consultation Paper” issued on September 10, 2013. Read the Letter

On December 13, FSSCC submitted a letter to NIST on the Preliminary Cybersecurity Framework. NIST is in the process of evaluating all responses, which are available at http://csrc.nist.gov/cyberframework/preliminary_framework_comments.html. We will continue to work with NIST through the process. The final Framework is anticipated in early February. Read the Letter

BITS President Paul Smocer testified to the Senate Banking Subcommittees on the opportunities and risks of digital currencies, specifically Bitcoin. Senators discussed their concerns with digital currencies and the potential need to increase regulation. Full testimony

The toolkit provides awareness and education for employees of financial institutions. It examines common mortgage servicing fraud schemes, identifies red flags and best practices, and provides tools and tactics for employees to leverage as they work to recognize these threats when dealing with customers. Read more